Jenson Seed EIS Fund - Clubfinance

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20 How to Apply 212. How to ApplyApplication PackIf you want to invest in the Fund you mustcomplete and return the following:PLUS1. Application Form – this must becompleted by all Investors.PLEASE CHECK YOU HAVE SIGNEDAND DATED THE APPLICATION FORM.2. Adviser & Anti-Money LaunderingCertificate – this is from your authorisedfinancial adviser. PLEASE CHECK YOURADVISER HAS SIGNED AND DATED THISCERTIFICATE.QueriesIf you need any assistance completing theApplication Pack or have any questions youshould contact your authorised financialadviser in the first instance, but please donot hesitate to contact us:Jenson by telephone on 020 7873 2122reference SEIS or by e-mail to:seis@jensonsolutions.comReyker Securities plc by telephone on020 7397 2580 reference Jenson SEIS Fundor by email to: safe@reyker.comORInvestor & Anti-Money LaunderingCertificate – you must provide thisif you do not have an authorisedfinancial adviser. IF APPLICABLE, THISMUST BE COMPLETED AND YOU NEEDTO SIGN AND DATE.PLUS3. Payment – you must make paymentof the amount you wish to invest bysending a cheque or banker’s draftwhich should be made payable to the“Reyker Securities plc Client Accountre: Jenson”. Alternatively a paymentcan be made directly to the bankaccount detailed on page 107.Completed Application Packs and yourpayment of the amount you wish to investshould be sent to:JENSON SEED EIS FUNDc/o Reyker Securities plc,17 Moorgate, London, EC2R 6AR
22 Jenson Seed EIS FundKey Points 233. Key PointsBy investing in small, high growth start-ups,the Jenson Seed EIS Fund seeks to offerstrong targeted tax free returns with riskmitigation to individuals looking to takeadvantage of the attractive income taxand capital gains reliefs under the SeedEnterprise Investment Scheme (“SEIS”) andthe Enterprise Investment Scheme (“EIS”).3.1 Investment ObjectiveIn return for subscribing to the Fund, theFund Manager and Jenson LLP seek toprovide Investors with:• A diverse Portfolio of Investments in a widerange of sectors and industries, whichqualify for SEIS Relief and/or EIS Relief.• Certainty of capital deployment throughdealflow introduced by the FundManager and by Jenson LLP.• Strong targeted tax free cash returnsof £1.85 pence 2 for every 100 penceinvested, equivalent to 270 per centreturned to Investors for a net 50p 3invested on SEIS Qualifying Investmentsand 164 per cent returned to Investors fora net 70p 4 on EIS Qualifying Investments.If achieved and taking into account theTax Reliefs, this would represent a 30 percent IRR on SEIS Qualifying Investmentsand 21.5 per cent IRR 5 on EIS QualifyingInvestments. Without Tax Reliefs, theprojected IRR for the Fund is 13%.• Fund launch with a £100,000 cornerstoneinvestment from the Fund Manager andJenson which aligns their interests withInvestors throughout the life of the Fund.2net of all costs3net of taxation4net of taxation5 Internal Rate of Return - the compoundedannual return3.2 Summary of TaxationAdvantagesInvestments in Investee Companies thatare either SEIS Qualifying Investments or EISQualifying Investments give rise to a suiteof valuable tax reliefs.For SEIS Qualifying Investments, the reliefs include:• Income tax relief at 50% of the amountinvested in Investee Companies in theyear of Investment subject to an annualinvestment limit of £100,000 (this isirrespective of your marginal tax rate);• Tax free capital gains when SEIS QualifyingInvestments are sold;• Capital gains tax wipeout on anychargeable gains realised in tax year2012/2013 which are invested in SEISQualifying Investments;• Inheritance tax relief provided theinvestments have been held for two yearsand are held at the time of death; and• Loss relief which can be taken againstincome or as a capital loss.By combining the CGT wipeout relief withthe income tax relief, Investors have theopportunity to make a £100,000 investmentat a cost of only £22,000.For EIS Qualifying Investments, the reliefs include:• Income tax relief at 30 per cent ofthe amount invested in EIS QualifyingCompanies in the year of Investmentor in the preceding tax year up to£1 million from 6 April 2012;• Tax free capital gains when EIS QualifyingInvestments are sold;• Capital gains tax deferral for the lifeof the Investment where a gain realisedon a disposal is invested into a EISQualifying Investment;• Inheritance tax relief provided theinvestments have been held for two yearsand are held at the time of death; and• Loss relief which can be taken againstincome or as a capital loss.Each of these reliefs is explained in more detailin section 6 of this Information Memorandum.Given that the reliefs under the SEIS are morebeneficial than those under the EIS and thatan Investor is limited to income tax reliefunder the SEIS on income of £100,000 perannum, the Fund Manager is proceeding onthe basis that the first £100,000 of an Investor’sContribution is to be invested where possiblein SEIS Qualifying Investments. This is subjectto the need, for regulatory reasons for eachSEIS Qualifying Investment to be followedby a nominal EIS Qualifying Investment asexplained in more detail in section 8.1 of theInformation Memorandum.Any amount over and above £100,000 worthof Contribution by each Investor shall beinvested in EIS Qualifying Companies. If anInvestor would like a different proportion, forexample, they have already made a small SEISinvestment themselves then please contactJenson to arrange the appropriate proportion.
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Communications House26 York StreetL
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